How to save money?

I make $33,000 a year and have the following expenses a month: Student Loan - $85 Car Insurance - $165 for 4 months, then 2 months off Credit Card - $50 Car Note - $292 Cell phone - $40 Utilities - $100-$180 Rent - $615 Once I buy groceries, gas and pay all of my bills, I have almost no money left. My car insurance is as low as it can go, I have 3 more years on the car note - public transportation is out of the question where I live. The utilities are just gas and electric - no cable, phone, etc. and I am very conservative with my usage. How can I cut corners and save money? How do you suggest getting a better paying job? I have a college degree, but for my industry and where I live I am at the top of my pay scale.

Public Comments

1. Get a better paying job that will allow you to not worry so much. For example: a job that makes above $45,000 yearly.
2. Just quickly looking....cut that rent down, or find a roomate- that would save you ($307) a month- then bills are cut in half too. ?? I split a 3 bedroom, 3 ways, and all the bills are then split 3 way- it works out nice. Other than that, good luck, all your bills seem very reasonable-and good the way they are. A 2nd job, a weekend job, a few hours here or there add up. good Luck
3. By my calculations, after paying these bills, and gas and groceries and taxes, you should still have about $500 a month. You need to reexamine your budget and track what your *actual* spending is compared to your *budgeted/anticipated* spending. You may find some impulse or occasional spending that you neglected to include in your budget. The best way to create savings is to do so automatically - have your employer automatically direct a portion of your paycheck into a savings account, such as a money market mutual fund. If you don't have that cash in your pocket, you're much less likely to spend it. Also, get down to your local library tonight and start checking out personal finance books - they can be wonderfully empowering and inspiring, and most are written in simple, easy-to-understand terms. -The Complete Idiot's Guide to Personal Finance in your 20s and 30s -The Complete Idiot's Guide to Managing Your Money
4. When buying and commiting to anything monthly 1st decide do I really need this and if so where can I possibly get it cheaper. I might think about getting rid of the Cell phone if your home phone base rate is lower or again you could go to like Wal-Mart and get a cell phone with a pre paid card with no monthly fees. Can you find a cheaper place to live monthly? With utilities turn the a/c off in the evening and open the windows if possible when it cools down and don't crank it down as low when it is on. Same with the heat turn it down especially when your not home. Instead of having a credit card and paying interest how about cash with out a balance on a card with the big interest rate. If you haven't with the insurance on your vehicle if your deductible is say $ 100 Raise it to $ 500 or maybe even $ 1,000 if your company will let you. If you can swing it you could pay for a Years worth as you should get a discount. How about a part time after hours job not that you want to work more but to help you get ahead for a period of time till you get things right. Also check out these 2 websites as they have good practical money and life suggestions: daveramsey.com and clarkhoward.com
5. Your question is quite common, and my guess is, you're probably just starting your career. For ppl ur age, the most effective savings tips are: 1. automatically deduct about 10% of ur monthly income into a savings acct. You can have your bank set up an auto-debit program so ull never even see the money. This is incredibly effective, as soon your mind will condition itself to operating with less disposable cash. 2. $180 for gas and electric is pretty stiff. Try making some switches there.
6. i dont know.
7. You can do many things to save/get money money! 1) Buy energy star effiecient appliances ! Save 150.00 per year 2) Get a job that pays you more than you are currently making 3) Get a welfare check if you are really low on money and qualify by going to human resources (I think) 4) Ask your friends if they have any unwanted junk and than you can sell it at a yard sale 5) You can I dunno Win the Lottery !
8. The only way, of course, is to spend less than you earn. The easiest way to cut your expenses is to never take out a loan on a car again. No one on the planet needs a new car -- drive a beater and save up money for a home. It's practically a cardinal sin (in terms of building wealth) to have a car loan but not a mortgage, because all the tax laws in the US are favorable to home ownership (and you don't get a break for a car loan). You also pay much less in car insurance if you don't have an expensive car. A good friend of mine makes almost exactly the same amount that you do and drives a Geo Prizm with 94k miles. She owns her own home and has built a net worth of about $150k with about the same expenses (mortgage instead of rent, so she gets back about $150 in taxes each month). You want to pay the minimums on your student loan and car loan while maxing your credit card payments until that's gone, then max out the car loan until it's gone, then pay off your student loan (I'm assuming that's the order of your loans from high interest to low). Then keep pouring the money into short-term savings until you have enough for a down payment on your own place. (Visit a lender now to find out what you need to do to get yourself into a position to get a mortgage -- they'll be happy to pre-approve you for a loan for no charge and no obligation.) Good luck to you, Doug